A protruding area of fat which extends from the lower abdomen to the upper genital area. A combination of the words "gut" and "cunt." In the case of the knee gunt, the gunt extends downwards, hanging to the point where it almost touches (or does touch) the knees.

AS: Check out that woman's gunt over there.
AT: That's not just a gunt...that's a knee gunt.
AS: You're right. The flap of fat is literally hanging to her knees. Damn.